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Weekly roundup: Australian dollar underpinned by commodity prices

currency-newsWeekly roundup: Australian dollar underpinned by commodity prices
Trade in the Australian dollar was notably mixed last week as the situation in Ukraine infused considerable volatility into the currency market.

At the start of the week, hopes for a diplomatic solution to Russia-Ukraine tensions, in addition to a robust fourth quarter wage price index helped to underpin the ‘Aussie’.

This then gave way to a dramatic selloff on Thursday as Russia launched a full-scale invasion of Ukraine.

However the ‘Aussie’ quickly found its feet again as the subsequent spike in commodity prices reflected positively on the Australian dollar.

While a fresh round of sanctions on Russia sapped market risk appetite at the start of this week, the Australian dollar has so far managed to limit its losses after Australia’s latest retail sales figures printed well above expectations.

However the Reserve Bank of Australia (RBA) could pile fresh pressure on AUD exchange rates as it concludes its latest policy meeting this week. No policy changes are expected this week but if the RBA remains welded to its dovish forward guidance the ‘Aussie’ could slump.
Currencies Direct

Currencies Direct

Currencies Direct is one of Europe's leading non-bank providers of currency exchange and international payment services. Since we were formed in 1996, we've maintained our focus on providing innovative foreign exchange and international currency transfer services to corporations of all sizes, online sellers and private individuals. We have also expanded our services to provide dynamic and pioneering "business to business" solutions to help companies, tier 2/3 banks and other non-bank financial institutions to process their international payments. Our headquarters are in the City of London (United Kingdom) and we have operations in continental Europe, Africa, Asia, and the United States. Currencies Direct is jointly owned by private equity firms Palamon Capital Partners and Corsair Capital.

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